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Written by P.T. GOVINDARAJAN
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Tuesday, 24 November 2009 18:40 |
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The Karnataka High Court has held that T.D.S. [withholding tax] provisions are triggered whenever there is payment is made to a non-resident, in the absence of an order from the revenue authorities for NIL / lower withholding of tax. Background The issue of deducting TDS [withholding tax] on purchase of “shrink-wrap”/ “off the shelf” software has been in controversy for quite some time. The issue was decided in the favour of the taxpayer by the Bangalore Income Tax Appellate Tribunal (“Tribunal”) on the basis that the payment for purchase of such software is not royalty and consequently, there would be no liability on the payer to withhold tax from such payments.
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Written by P.T. GOVINDARAJAN
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Wednesday, 28 October 2009 13:42 |
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The Government of India has instructed all its service tax formations [Service Tax offices] as follows: F. No 336/10/2009 – TRU
Government of India
Ministry of Finance
Department of Revenue
Tax Research Unit
New Delhi Dated: July 15, 2009 Subject: - Judgement of Delhi High Court in respect of Service Tax on “Renting of immovable property”- Instruction – Regarding.
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Written by P.T. GOVINDARAJAN
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Monday, 19 October 2009 11:43 |
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The Social Security Agreements(SSA) aim at eliminating dual social security taxation, achieving equality on the principles of reciprocity and is intended to benefit the employees and employers of both India and the other country. Once an SSA is signed between India and another country, the employees would generally be entitled to the following benefits under a comprehensive agreement: Detachment
The expatriate employees could take advantage of the “Detached Worker Rule”. For e.g.: employees posted to/from India on short term assignment for a specified period need not remit social security contribution in the host location, provided the employee continues to contribute to the social security of the home country. For this purpose, a “Detachment Certificate” or a “Certificate of Coverage” issued by the home country, serves as a proof of exemption from social security contributions on the same earnings in the host country.
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Written by P.T. GOVINDARAJAN
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Monday, 26 October 2009 15:51 |
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The government plans to implement the Direct Taxes Code (DTC) from 2011-12 after addressing all concerns relating to controversial proposals like taxation of retirement benefits, weeding out incentives for housing sector and changes in the Minimum Alternate Tax (MAT). The proposals in the Code are only "illustrative" and are open for discussion and there is no need to think that these "have been decided," Finance Minister Pranab Mukherjee told news agency. Giving the roadmap for the Code that will replace the Income Tax Act of 1961, he said, "It will be implemented from 2011. So, the finance bill of 2011-12 would be appropriate." The government, Mukherjee said, has identified seven critical areas of concern in the Code and would take suggestions on board before finalising it. The critical areas of concern include
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Written by P.T. GOVINDARAJAN
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Monday, 19 October 2009 11:22 |
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It could mean the end of certain incme tax officials releasing your tax refund only after you’ve paid up. From October 1, the I-T department is crediting tax refunds directly to the bank accounts of taxpayers. The Central Board of Direct Taxes that governs the department has said refunds should be transferred directly from the department’s online system to taxpayers’ accounts. The idea is to reduce direct interaction between assessment officers and taxpayers. Taxpayers will now have to mention their account numbers when they file returns. Until now, getting the refund directly credited to their accounts was one of the options available to assessees. It will now be the norm.
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